Advancements in Camera Technology and Rise in RC Racing Events to Propel Market
The remote control products – hobby market is expected to experience significant growth in the upcoming years, owing to a host of factors. Technological advancements over the past decade coupled with strides taken by semiconductor and electronics industries are expected to play a key role in the development of new remote controlled products. Drone technologies have evolved at a rapid pace over the past decade and each year, new advancements are hitting the remote control products – hobby market at an impressive pace. Although technological advancements are not limited to the military and commercial drones, toy drones have gained considerable traction in the past few years. As more number of hobbyists around the world continue to demand for remote control products, including radio control cars, airplanes, and drones, the global remote control products – hobby market is expected to witness a steady growth during the forecast period.
While remote control products, including airplanes and drones continue to attract hobbyists worldwide, the number of remote-control airplane shows particularly in the developed regions, including North America and Europe, are on the rise – a trend that is expected to continue during the assessment period and provide a boost to for remote control products. Soaring interest in aerial photography and videography are the major factors that are likely to boost the demand for remote controlled drones in the forthcoming years. At the back of these factors, along with fast-paced innovations being introduced by remote control product manufacturers, the global remote control products – hobby market is expected to attain a market value of ~US$ 2 Bn by the end of 2027.
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Innovations Galore in Remote Control Products Market, Expected to Boost Market Growth
As technological advancements continue to occur at a rapid pace within the remote control products – hobby market, innovative products are being introduced. Science and technology have paved the way for cutting-edge remote control products, including virtual reality toys, remote control cars, and airplanes. Several brands are focusing on launching new remote control products in the market to attract customers, improve market presence, and expand product portfolio. Apart from companies involved in the current market landscape, remote control products hobbyists and enthusiasts are also increasingly developing new products. For instance, Nic Case, a radio control products enthusiast created the fast remote control car in the world, ‘Bullet’.
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Several companies operating in the current market landscape are also focusing on introducing vision tracking systems camera cars to elevate the experience. At present, the rise in the number of radio control products events being organized around the world, including radio control car racing, airplanes, and drone racing are expected to generate significant interest and demand for radio control products – hobby. Remote control products manufacturers are increasingly leveraging advancements in the camera technology to launch innovative products in the market. In addition, as the recording quality from remote control cars and drones is unmatched with the advent of 4K recording, the demand for remote control products – hobby is on the rise. Drone photography and videography coupled with improved 3D aerial coverage offered by remote control products – hobby are some of the leading factors that are likely to boost the sales of remote control products – hobby during the forecast period. In their bid to establish a strong foothold in the remote control products – hobby market, drone manufacturers are offering customizable flight pathing and collision avoidance. Features to gain an edge in the competitive market landscape.
COVID-19 Pandemic to Slow Down Demand from Hobbyists, Market Players Turn to Healthcare Sector
The outbreak of novel COVID-19 pandemic that originated from China has affected the supply chain and operations of several industrial sectors worldwide. At present, within the robot control products – hobby market, market players are increasingly focusing on offering their products to the healthcare sector, particularly at times when social distancing is critical. The COVID-19 pandemic is projected to act as a catalyst to ‘robot testing’ and drones as hospitals and other healthcare facilities across the world continue to explore the possibility of using robots to contain contamination and transmission of the virus. Robot control products are increasingly being used for sterilization, delivery of medication, and a range of other applications. While the adoption of robot control products is soaring in China, other nations are expected to follow a similar path in their fight against the novel COVID-19 virus.
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Remote Control Products – Hobby Market: Overview
- According to Transparency Market Research’s latest report on the global remote control products – hobby market for the period 2019–2027 (wherein 2019 to 2027 is the forecast period and 2018 is the base year), rising popularity of hobby drones among youngsters is likely to drive the market for remote control products – hobby, globally
- In the report, revenue generated by the global remote control products – hobby market has been mentioned in terms of value (US$ Mn) and volume (Thousand Units) during the forecast period
Rising Popularity of Drones across the Globe: A Key Driver of Remote Control Products – Hobby Market
- Over the years, the advent and popularity of drones has spurred growth of remote control products globally. These remote control products have eventually become an integral accessory across varied age groups across the globe. Earlier, the flying remote control products category comprised only planes and helicopters; however, in the past couple of years, drones have substantially contributed to overall sales of remote control products.
- The ability of drones to offer real maneuverability, along with videography is one of the key features making them popular among hobbyists of remote control products. While drones with video capabilities used to be mostly confined to the professional market, toy makers are increasingly introducing new drones capable of taking high definition videos, due to interest among children in creating their own videos to share with friends and online.
Further Sophistication in Remote Control Technology to Bolster Remote Control Products – Hobby Market
- The sophistication of hobby remote control products is anticipated to persist in future, as much like the consumer electronics industry as a whole, the cost of making high-end sensors and higher-strength batteries will likely go down with time and lead manufacturers to create even better and more capable robots and drones
- In addition, several new products are also likely to enter the market, which in response would further move hobby remote control products from its car-centric origins
Higher Risk and Investment Involved in Procurement of Products: A Key Restraining Factor of the Market
- Several people play with remote control products; however, the fact that these products could be damaged easily has been refraining consumers from further investing in these products. Considered to be relatively delicate, flying model helicopters, and drones involve a great risk. Additionally, if significant time is not spent with a simulator first for preliminary training of flying these products, it might result in hundreds of dollars of damaged plane parts.
- However, these challenges are likely to subside with advent of novel technologies in this field, generating new opportunity for the market
Diversification to Travel Friendly Products: A Key Trend in Remote Control Products – Hobby Market
- Elimination of body clips used in remote control cars and other remote control products is likely to become more evident in the coming years. Body clips tend to get lost more often, and they also get distorted very easily, and detract from a perfect scale appearance.
- Currently, on remote control cars, the Traxxas X-Maxx has a body attachment system that does not use body clips, whereas trucks from RC4WD offer hidden body mounting systems
Remote Control Products – Hobby Market: Competition Landscape
- Detailed profiles of manufacturers in the remote control products – hobby market have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global remote control products – hobby market include
- Redcat Racing
- Horizon Hobby LLC
- Artsana S.p.A
- Silverlit Toys Manufactory Ltd.
- HPI Racing A/S, DJI
- Kyosho Corporation
- World Tech Toys
- Tamiya Inc.
Remote Control Products – Hobby Market: Key Developments
- In October 2019, World Tech Toys announced six new licensing deals with various entertainment and sports brands. The new licenses included “Star Wars,” Disney, Pixar, NASCAR, Boxy Girls, and Treasure X. Products leveraging the new licenses will range in categories from flying toys to playsets.
- In July 2019, the HPI Racing brand changed ownership and the major shareholders are now the Scandinavia based Vestergaard Group. Vestergaard has 50+ years of expertise and investment in the hobby industry as a major distributor in the Scandinavian region.
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